GCP Student Living reports strong performance – over the year to the end of June 2019, GCP Student Living’s EPRA NAV rose from 149.12p to 165.52p and it paid dividends of 6.15p, up from 5.695p for the prior year.
The portfolio continues to grow. This year GCP Student Living announced:
- Completion of the refurbishment of Scape Bloomsbury ahead of schedule for the 2018/19 academic year, providing 432 beds in London WC1.
- Second forward-funded development asset, Circus Street, Brighton, will be completed for the 2019/20 academic year, providing a further 450 beds.
- Commenced construction of Scape Brighton, which is expected to provide c.555 beds for the 2020/21 academic year.
- Future contractual arrangement to acquire Scape Canalside, a new-build asset located adjacent to QMUL, which the Company expects to acquire before the end of 2019.
The existing portfolio comprises eleven assets with 4,116 beds located primarily in and around London, with a valuation of GBP921.6 million at 30 June 2019. The portfolio is fully occupied and student rental growth was 3.5% for the 2018/19 academic year. For the 2019/20 academic year, student rental growth should be 4.4% year-on-year.
DIGS : GCP Student Living reports strong performance